Question
How much penalty has been imposed by the Reserve Bank of
India (RBI) on HDFC Bank and Bank of America, due to violation of reporting requirements under the Liberalised Remittance Scheme of the Foreign Exchange Management Act (FEMA)?ÂSolution
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 10,000 each on HDFC Bank and Bank of America, citing a violation of reporting requirements under the Liberalised Remittance Scheme of the Foreign Exchange Management Act (FEMA).
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